I've moved your thread to the appropriate forum, but pretty much all of the basic information on what root is can be found in this thread - This Is What Root Means

How to root and what tools are available to help restore your phone will vary from device to device, and device-specific information can found in the corresponding forums here. But no one should start messing around with rooting until he/she completely understands what it is, what is being done, and how to go about properly using it. And for that, the above thread will be a great place to start!

It is gaining access to the root of your device. Something like administrative privilege. You can change system files that are usually locked by the mfg. Most phones have locked bootloaders so some things are still locked even with root like the kernel and radio.

There are many apps that require root. The list is long and you can cause problems.
One thing it allows you to do is install custom ROMs. That is the OS for the phone.
Another thing is allowing free tethering of you data to you computer or tablet.
Many people do it and seem to gain benefits in performance but there are risks like voiding warranty and "bricking" the phone rendering it useless.
That's a simple explanation. There are many here who can provide much more info.

Also these days, it is incredibly difficult to brick your phone just by rooting. So don't let that be a deterrent if you're considering rooting. And it does void your warranty WHEN ROOTED, though you can always UNROOT the phone and send it back in no problem.

I was like you and had no intention of rooting for many years. Then I gave in with my X2...and it's nice. You don't notice anything different, but you have access to certain settings in apps or existing settings just function better. You can also use Titanium Backup to backup/restore everything on your phone no problem if you have to reset or send in your phone.

Unlocking the bootloader is different and a bit more complicated. The only reason you'd want to really is to install ROMs. But look into rooting, it takes all of 5 minutes to do and really expands your phones capabilities. And it can always be undone...

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